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Welcome to the industry home page. This section will be of particular interest to authorised firms and individuals working in the financial services sector.
Important Announcements
New compensation limit for deposits
The Financial Services Authority announced today (3 October 2008) that the FSCS compensation limit for deposits is increasing to £50,000 with effect from 7 October 2008.
The new limit will apply to each depositor for the total of deposits they hold with an organisation regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in the account is split equally between account holders, unless evidence shows otherwise.
- Deposit protection frequently asked questions.
- More information on the change is available on the FSA website.
Bradford & Bingley
The Tripartite authorities and FSCS today stepped in to protect retail depositors at
Customers of the bank can access their accounts in the normal way through branches, the internet and telephone banking. Former Bradford & Bingley branches and staff will continue to provide a full banking service to their retail customers, who now bank with Abbey.
FSCS worked closely with the authorities to protect savers and contributed a portion of the funding needed to secure the deposits of Bradford & Bingley savers. The FSCS contribution of £14bn represents the gross estimated bill and was funded by a loan from the Bank of England, which will be repaid with interest. This will be done through the levy, but FSCS will not levy immediately for the full costs. Instead it will repay interest on the loan for three years after which it will need to begin repaying the principal after establishing a payment schedule in agreement with HMT.
Also in this section:
How the Scheme is funded and our levies
General information about us
